Search Articles

in

Recommended For You

Forecast drop in non-oil domestic exports for 2014 narrowed to 1-1.5%
Forecast drop in non-oil domestic exports for 2014 narrowed to 1-1.5%

The Business Times -
26 Nov 2014

But NODX is tipped to grow 1-3% next year after picking up in Q314 ...


Labour costs up again, productivity dips further
Labour costs up again, productivity dips further

The Business Times -
26 Nov 2014

Private consumption expenditure growth slows to 1.2%


Global headwinds may slow Singapore's growth
Global headwinds may slow Singapore's growth

The Business Times -
26 Nov 2014

MTI flags downside risks to 2015 forecast, even as Q3 GDP surprises...



Latest Related Ads

WATER PLACE
WATER PLACE (D15) Condominium, For Rent

Water Place 3 bedrooms
for RENT High
floor Quiet


Blue Horizon
Blue Horizon (D05) Condominium, For Sale

Blue Horizon 3 + study
for sale! Almost 4%
rental


CALIN MANSIONS
CALIN MANSIONS (D14) Apartment, For Sale

Calin Mansion Top
Floor #06 Only one unit
per f



Featured Videos

Newsletter

Subscribe to receive the hottest news & property trends, updates on popular properties and promotions from STProperty & our partners

Singapore Property News

Resale home prices rise as cooling measures lose sting

RESALE homes in Singapore changed hands at higher prices

The Straits Times - May 29, 2013
By: Fiona Chan

| More
Resale home prices rise as cooling measures lose sting

RESALE homes in Singapore changed hands at higher prices last month, as buyers returned to the property market after being spooked by cooling measures earlier this year.

Prices of resale homes rose 1.9 per cent last month over March, picking up speed from March's 1.1 per cent increase over February, according to the latest Singapore Residential Price Index (SRPI) released yesterday.

Suburban and smaller homes enjoyed the steepest price gains, while homes in the central area - Districts 1 to 4 and 9 to 11 - continued to rise in price but at a slower pace, the index showed.

Property consultants said the gains may indicate that the impact of January's curbs on home purchases is tapering off.

Describing the overall price hike last month as "quite substantial", R'ST Research director Ong Kah Seng said buying interest for resale properties "might be recovering" from the hit it took after the cooling measures.

Buyers looking for a second or subsequent property - which is subject to an additional stamp duty tax under January's curbs - are likely to opt for a resale property rather than buying a new unit directly from a developer, he added.

"A resale property is generally a lower-cost alternative, which will mean a lower additional stamp duty, and yet it can bring immediate rental income," he said. The additional stamp duty is a percentage of the home's price.

The National University of Singapore (NUS), which compiles the SRPI based on a basket of completed non-landed homes, said yesterday that January's cooling measures "apparently had only a temporary effect" on home prices.

Although the number and prices of homes sold fell in February after the curbs kicked in, they have recovered since then, supported by continued demand for suburban homes, NUS said. It added that prices have become more volatile after the latest measures, the seventh round since 2009.

"It is unclear that the seventh instalment of the cooling measures, described as the most comprehensive to date, has had the desired impacts of mitigating house price inflation," it said.

The SRPI showed that properties outside the central region led the gains last month. Prices jumped 2.4 per cent last month from March, reversing the 0.2 per cent fall in the previous month.

Small units of 506 sq ft or less also climbed in price at a faster rate: 1.8 per cent last month, up from 0.8 per cent in March.

The prices of centrally located homes rose less quickly last month. They went up 1.3 per cent, compared to a 2.8 per cent increase in March.

| More

More homes go under the hammer in weak market

More homes go under the hammer in weak market

The Straits Times - 21 Nov 2014

Big jump in property auctions as banks try to recover unpaid loans


Luxury homes face nearly $3m in losses in mortgagee sale

Luxury homes face nearly $3m in losses in mortgagee sale

The Straits Times - 24 Nov 2014

TWO luxury homes in Singapore are on the market at prices that would mean losses of nearly $3 million each as the local property market continues to weaken.


Policy tweaks to ensure a softer landing

Policy tweaks to ensure a softer landing

The Business Times - 21 Nov 2014

THE calls to ease the property cooling measures affecting the Singapore residential property market have gained intensity amid news of tepid property sales and falling prices.

View articles from these categories

X

Effects of Jan property curbs unclear: NUS

The Business Times - May 29, 2013

By: KALPANA RASHIWALA